Spotify’s third-quarter paid subscriber number beats expectations

In this news, we discuss the Spotify’s third-quarter paid subscriber number beats expectations.

STOCKHOLM / NEW YORK (Reuters) – Spotify Technology SA said on Thursday that third-quarter paid subscribers jumped to 144 million, beating expectations as more users tune into its music streaming service.

Premium subscribers, which account for the bulk of its revenue, increased 27% from the previous year. Analysts on average expected the company to have 142.5 million paying subscribers, according to IBES data from Refinitiv.

The total number of monthly active users rose 29% to 320 million, beating estimates of 316 million. Revenue increased 14% to 1.98 billion euros ($ 2.34 billion) in the quarter. Analysts had expected revenues of € 2 billion, according to IBES data from Refinitiv.

Excluding the currency impact, Spotify said its quarterly revenue was “slightly better than expected.”

Reporting by Supantha Mukherjee in Stockholm and Kenneth Li in New York; Edited by Simon Johnson

Original © Thomson Reuters Corporation

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